McCue Mortgage Wholesale Lending

RATE LOCK POLICY AND PROCEDURES EFFECTIVE IMMEDIATELY

The McCue Mortgage Company, Wholesale Division, will be issuing the new 2010 GFE and Truth in Lending for all Brokers who do business with McCue. McCue has elected to take this responsibility on behalf of the Broker to ensure all applications received are accurate and uniform in fee charges. This will avoid any delays at time of rate lock and avoid possible cancellation of closings due to inaccurate settlement charges issued at time of application.

McCue will not rate lock or register any loan, nor issue a GFE or TIL on any loan where the Mortgage Broker has already issued a GFE and/or TIL in their own name
The Mortgage Broker must deliver a Rate Lock/Registration Package to McCue within one day of the application in order for McCue to issue the GFE and TIL. (See below 2010 Rate Lock Package requirements)
McCue will not issue a GFE four or more days after the date of application
An application will not be rate locked or registered without a complete rate lock package.
The Mortgage Broker cannot collect more than a credit report fee at the time of the application
The Mortgage Broker cannot collect the remaining upfront Fees (appraisal, application, etc.) nor can they order an appraisal until McCue informs the Mortgage Broker that:
1. McCue has received an electronic signature acknowledging McCue’s GFE and TIL through SwiftSend as described in Exhibit 1 or
2. Receipt of a signed hard copy of the borrower acknowledgement.
The McCue Mortgage Company will notify the Mortgage Broker when to order the appraisal. The Broker will be instructed how to sign up with SIR Appraisal Management System at http://www.siramc.com

The initial GFE is binding between McCue and the Mortgage Broker. It must be accurate. Any increase in settlement charges that cannot be added to the GFE due to illegitimate changed circumstance will be paid by the Mortgage Broker.

THE NEW 2010 MCCUE RATE LOCK PACKAGE

· A completed 1003 signed by the Mortgage Broker. THE APPLICATION DATE AT TIME OF RATE LOCK MUST MATCH YOUR FULLY EXECUTED APPLICATION SUBMITTED WITH THE LOAN PACKAGE.

· The Mortgage Broker’s Itemization of Fees generated by your Loan Software System to include the McCue Fees or complete the attached Initial Good Faith Estimate Worksheet (Exhibit 3)

· The McCue Wholesale Rate Lock/Registration Form including both the Borrower’s and the Closing Attorney’s email address (Exhibit 4)

· The CHFA Reservation/Confirmation (if applicable).

· Changed Circumstance Form If applicable (Exhibit 5)

It is mandatory that all loans are registered or rate locked 24 hours before receipt of the loan package from the Broker. Under no circumstance will a loan be taken into process before an acceptable rate lock/registration or the loan package will be returned without notice.

How to Prepare for SwiftSend - (Exhibit 1)

Mortgage Broker's Itemization of Fees - (Exhibit 3)

Rate Lock/Registration Form - (Exhibit 4)

Authorization for Changed Circumstance Form - (Exhibit 5)